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Arthur Andersen Is Convicted
On Obstruction-of-Justice Count

By

Jonathan Weil and

Alexei BarrionuevoStaff Reporters of The Wall Street Journal

Updated June 16, 2002 11:28 a.m. ET

HOUSTON -- A federal jury convicted Arthur Andersen LLP of a single felony count of obstructing an official government proceeding, delivering a verdict that will forever stain the legacy of this once-revered American institution.

The conviction, decided Saturday on the tenth day of deliberations, bars Andersen from auditing the financial statements of companies registered with the Securities and Exchange Commission.